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BUYER: Parklands Associates I LLLP, Sunrise
SELLER: RC Properties IX LLC
PROPERTY: a portion of Bonita Beach Road, Naples
PRICE: $2.79 million
LAW FIRM ON DEED: Ruden McClosky PA, Fort Lauderdale
PLANS, DESCRIPTION: Mountain Funding purchased 642 acres of undeveloped land and a little more than a 100 acres of mitigation land.
The 642-acre property, known as the Parklands DRI, is permitted for 1,603 single and multi-family units, a golf course, preserve, a public park and a 15-acre school site. The land is off Bonita Beach Road, south of Palmira Country Club
Randy Thibaut, William Rollins and Janie Hooker of Land Solutions Inc. represented the seller. Mountain Funding is an Ijamsville, M.D.-based equity firm.
The purchase has a significant risk, despite the low price.
The property is near Mirasol and Saturnia Falls, two planned developments in North Naples that have been sued by the Conservancy of Southwest Florida and the Cocohatchee Slough Coalition. The environmental groups are suing to stop the two developments and, at a minimum, force the developments to get additional permitting approvals.
Mountain Funding was formed in 1993 primarily as a private capital source for developers. It now also operates a distressed real estate opportunity fund.
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